| Agents For Service: | Ryan Charles, Esq.               |
|---------------------|----------------------------------|
|                | Davis Selected Advisers, L.P.    |
|                | 2949 East Elvira Road, Suite 101 |
|                | Tucson, Arizona 85706            |
|                | 520-434-3778                     |
|                |                             |
|                | -or-                             |
|                |                             |
|                | Arthur Don                       |
|                | Greenberg Traurig LLP            |
|                | 77 West Wacker Drive             |
|                | Suite 3100                       |
|                | Chicago, IL 60601                |
|                | (312) 456-8438                   |
|   | Immediately upon filing pursuant to paragraph (b)                                                                   |
|--------|---------------------------------------------------------------------------------------------------------------------|
| X      | On May 1, 2015, pursuant to paragraph (b)                                                                           |
|   | 60 days after filing pursuant to paragraph (a)                                                                      |
|   | On                     , pursuant to paragraph (a) of Rule 485    |
|   | 75 days after filing pursuant to paragraph (a)(2) of Rule 485                                                       |
|   | On                     , pursuant to paragraph (a)(2) of Rule 485 |
| Title of Securities being Registered: | Common Stock of:                                                   |
|---------------------------------------|--------------------------------------------------------------------|
|                                  | 1: Selected American Shares (Class S shares and Class D shares)    |
|                                  | 2: Selected International Fund (Class S shares and Class D shares) |

| 1. | A single prospectus offering Class S shares and Class D shares of |
|----|-------------------------------------------------------------------|

| 2. | A single SAI offering the same two funds. |
|----|-------------------------------------------|

| 3. | Part C and Signature Pages describing the same two funds |
|----|----------------------------------------------------------|

| 4. | Exhibits relevant to the same two funds: |
|----|------------------------------------------|

----

|                        | Class S | Class D |
|-----------------------------|---------|---------|
| Selected American Shares    | SLASX   | SLADX   |
| Selected International Fund | SLSSX   | SLSDX   |

----

|   |
|--------|
|   |
|--------|

----

| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class S shares | Class D shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | None           | None           |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | None           | None           |
| Maximum sales charge (Load) imposed on reinvested dividends                                                                                         | None           | None           |
| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class S shares | Class D shares |
|-----------------------------------------------------------------------------------------------------------------|----------------|----------------|
| Management Fees                                                                                                 | 0.54%          | 0.54%          |
| Distribution and/or service (12b-1) Fees                                                                        | 0.25%          | 0.00%          |
| Other Expenses                                                                                                  | 0.15%          | 0.06%          |
| Total Annual Operating Expenses                                                                                 | 0.94%          | 0.60%          |
|           | 1 Year | 3 Years | 5 Years | 10 Years |
|----------------|--------|---------|---------|----------|
| Class S shares | $96    | $300    | $520    | $1,155   |
| Class D shares | 61     | 192     | 335     | 750      |
| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 21.04% for the quarter ended June 30, 2009 |
| Lowest                                                         | (24.36)% for the quarter ended December 31, 2008 |
|                                                                            | Past 1 Year | Past 5 Years | Past 10 Years |
|---------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class S shares return before taxes                                         | 5.60%       | 11.30%       | 6.08%         |
| Class S shares return after taxes on distributions                         | 0.72%       | 9.47%        | 5.14%         |
| Class S shares return after taxes on distributions and sale of fund shares | 7.17%       | 9.00%        | 4.90%         |
| Class D shares return before taxes                                              | 5.96%       | 11.67%       | 6.43%         |
| S&P 500 Index reflects no deduction for fees, expenses, or taxes            | 13.69%      | 15.45%       | 7.67%         |
|              | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser |
|-------------------|---------------------------|------------------------------------------------------|
| Christopher Davis | Since December 1994       | Chairman, Davis Selected Advisers, L.P.              |
| Danton Goei       | Since January 2014        | Vice President, Davis Selected Advisers-NY, Inc.     |
|                          | Class S shares | Class D shares |
|-------------------------------|----------------|----------------|
| Minimum Initial Investment    | $1,000         | $10,000(1)     |
| Minimum Additional Investment | 25             | 25             |
| Shareholder Fees (fees paid directly from your investment)                                                                                          | Class S shares | Class D shares |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------|
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                                                                | None           | None           |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares) | None           | None           |
| Redemption Fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days)                                        | 2.00%          | 2.00%          |
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class S shares | Class D shares |
|------------------------------------------------------------------------------------------------------------------|----------------|----------------|
| Management Fees                                                                                                  | 0.55%          | 0.55%          |
| Distribution and/or service (12b-1) Fees                                                                         | 0.25%          | 0.00%          |
| Other Expenses                                                                                                   | 0.58%          | 0.28%          |
| Total Annual Operating Expenses                                                                                  | 1.38%          | 0.83%          |
| Fee Waiver or Expense Reimbursement(1)                                                                           | 0.08%          | 0.00%          |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement                                  | 1.30%          | 0.83%          |

| (1) | The Adviser is contractually committed to waive fees and/or reimburse the Fund's expenses to the extent necessary to cap total annual fund operating expenses of Class S shares at 1.30%. The expense cap expires May 1, 2016. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to May 1, 2016, without the consent of the board of directors. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           | 1 Year | 3 Years | 5 Years | 10 Years |
|----------------|--------|---------|---------|----------|
| Class S shares | $140   | $437    | $755    | $1,657   |
| Class D shares | 85     | 265     | 460     | 1,025    |
| Highest/Lowest quarterly results during this time period were: |
|----------------------------------------------------------------|
| Highest                                                        | 22.65% for the quarter ended June 30, 2009 |
| Lowest                                                         | (25.15)% for the quarter ended September 30, 2011 |
|                                                                                          | Past 1 Year | Past 5 Years | Past 10 Years |
|-----------------------------------------------------------------------------------------------|-------------|--------------|---------------|
| Class S shares return before taxes                                                       | (0.66)%     | 4.75%        | 2.40%         |
| Class S shares return after taxes on distributions                                       | (0.60)%     | 4.48%        | 1.87%         |
| Class S shares return after taxes on distributions and sale of fund shares               | (0.25)%     | 3.89%        | 2.12%         |
| Class D shares return before taxes                                                            | (0.26)%     | 5.31%        | 2.88%         |
| MSCI ACWI (All Country World Index) ex USA reflects no deduction for fees, expenses, or taxes | (3.87)%     | 4.43%        | 5.13%         |
|              | Experience with this Fund | Primary Title with Investment Adviser or Sub-Adviser |
|-------------------|---------------------------|------------------------------------------------------|
| Christopher Davis | Since June 2001           | Chairman, Davis Selected Advisers, L.P.              |
| Danton Goei       | Since December 2001       | Vice President, Davis Selected Advisers-NY, Inc.     |
| Tania Pouschine   | Since July 2003           | Vice President, Davis Selected Advisers-NY, Inc.     |
|                          | Class S shares | Class D shares |
|-------------------------------|----------------|----------------|
| Minimum Initial Investment    | $1,000         | $10,000(1)     |
| Minimum Additional Investment | 25             | 25             |

----

|                                             | For the Year ended December 31, |
|--------------------------------------------------|---------------------------------|
| Selected American Shares                         | 2014                            | 2013 | 2012 |
| Brokerage commissions paid:                      | $1,996,919                      | $1,003,453 | $1,251,951 |
| Brokerage as a percentage of average net assets: | 0.04%                           | 0.02% | 0.02% |
| Selected International Fund                      |                            |   |   |
| Brokerage commissions paid:                      | $119,984                        | $24,762 | $13,832 |
| Brokerage as a percentage of average net assets: | 0.14%                           | 0.04% | 0.02% |

| · | Christopher Davis has served as a Portfolio Manager of Selected American Shares since December 1994 and also manages other equity funds advised by Davis Advisors. Mr. Davis has served as an analyst and portfolio manager for Davis Advisors since 1989. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Danton Goei has served as a Portfolio Manager of Selected American Shares since January 2014 and also manages other equity funds advised by Davis Advisors. Mr. Goei started with Davis Advisors as a research analyst in 1998. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Christopher Davis has served as the research adviser of Selected International Fund since June 2001 and also manages other equity funds advised by Davis Advisors. Mr. Davis has served as an analyst and portfolio manager for Davis Advisors since 1989. Mr. Davis oversees the other Portfolio Managers of Selected International Fund and allocates segments of the Fund to each of them to invest. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Danton Goei has managed a segment of Selected International Fund since December 2001, manages other equity funds advised by Davis Advisors, and also serves as research analyst for Davis Advisors. Mr. Goei joined Davis Advisors in November 1998. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Tania Pouschine has managed a segment of Selected International Fund since July 2003, manages other equity funds advised by Davis Advisors, and also serves as research analyst for Davis Advisors. Ms. Pouschine joined Davis Advisors in July 2003. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Dividends. Dividends are distributions to shareholders of net investment income and short-term capital gains on investments. |
|--------|------------------------------------------------------------------------------------------------------------------------------|

| · | Capital Gains. Capital gains are profits received by a fund from the sale of securities held for the long term, which are then distributed to shareholders. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Selected American Shares ordinarily distributes its dividends and capital gains, if any, in June and December. |
|--------|----------------------------------------------------------------------------------------------------------------|

| · | Selected International Fund ordinarily distributes its dividends and capital gains, if any, in December. |
|--------|----------------------------------------------------------------------------------------------------------|

| · | When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment. |
|--------|------------------------------------------------------------------------------------------------------------------------|

| · | You may elect to reinvest dividend and/or capital gain distributions to purchase additional shares of any Selected Fund or you may elect to receive them in cash. Many shareholders do not elect to take capital gain distributions in cash because these distributions reduce principal value. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If a dividend or capital gain distribution is for an amount less than $50, the Fund will not issue a check. Instead, the dividend or capital gain distribution will be automatically reinvested in additional shares of the Fund. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | If a dividend or capital gain distribution check remains uncashed for four months or is undeliverable by the United States Postal Service, the Funds may reinvest the dividend or distribution in additional shares of the Fund promptly after making this determination; and future dividends and capital gains distributions will be automatically reinvested in additional shares of the Fund. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Telephone. Call 1-800-243-1575. You can speak directly with an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time or use the Funds' automated telephone system at any time, day or night. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Online Account Access. You may initiate most account transactions through online account access on the Funds' website, www.selectedfunds.com. Please note that certain account types may be restricted from online access. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Mail. Send the request to the Funds' service provider, State Street Bank and Trust Company. |
|--------|------------------------------------------------------------------------------------------------|

| · | By Dealer. Contact a dealer who will execute the transaction through the Distributor. Please note that your dealer may charge service fees or commissions for these transactions. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Mail. When you purchase shares by mail |
|--------|-------------------------------------------|

| · | Make the check payable to Selected Funds. |
|--------|-------------------------------------------|

| · | If you have the investment slip from your most recent statement, include it with the check. If you do not have an investment slip, include a letter with your check stating the name of the Fund, the class of shares you wish to buy, and your account number. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Mail the check to: |
|--------|--------------------|

| · | Through a Dealer. When you buy shares through a dealer, you may be charged service fees or commissions for these transactions. |
|--------|--------------------------------------------------------------------------------------------------------------------------------|

| · | By Telephone. If you have a bank account listed on your account you may purchase shares via ACH (Automated Clearing House) and the Funds will be pulled directly from your bank account to purchase shares. Call 1-800-243-1575 to use the Funds' automated phone system 24 hours a day or speak to an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Internet. If you have a bank account listed on your account you may purchase shares via ACH (Automated Clearing House) and the funds will be pulled directly from your bank account to purchase shares. See "Internet Transactions" in this prospectus for details on how to access your account through the internet. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Wire. You may wire federal funds directly to the Funds' service provider, State Street Bank and Trust Company. To ensure that the purchase is credited properly, follow these wire instructions: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Mail. To sell shares by mail, send the request to one of the addresses below. All registered shareholders must sign the request. Redemption proceeds are usually paid to you by check within seven days after State Street Bank and Trust Company receives your proper redemption request. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Mail the request to: |
|--------|----------------------|

| · | A medallion signature guarantee is required if the redemption request is: |
|--------|---------------------------------------------------------------------------|

| § | for a check greater than $100,000; |
|--------|------------------------------------|

| § | made payable to someone other than the registered shareholder(s); |
|--------|-------------------------------------------------------------------|

| § | sent to an address other than to the address of record or to an address of record that has been changed in the last 30 days; or |
|--------|---------------------------------------------------------------------------------------------------------------------------------|

| § | to a bank account not on record. |
|--------|----------------------------------|

| · | Through a Dealer. When you sell shares through a dealer, you may be charged service fees or commissions for these transactions. |
|--------|---------------------------------------------------------------------------------------------------------------------------------|

| · | By Telephone. Call 1-800-243-1575 to use the Funds' automated phone system 24 hours a day or speak to an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Redemptions by check: |
|--------|-----------------------|

| § | are limited to $100,000; |
|--------|--------------------------|

| § | must be mailed to the address of record that has been on the account for at least 30 days; and |
|--------|------------------------------------------------------------------------------------------------|

| § | must be made payable to the registered shareholder. |
|--------|-----------------------------------------------------|

| · | Redemptions via wire or ACH can only be done to a bank currently on the account. |
|--------|----------------------------------------------------------------------------------|

| · | By Internet. See "Internet Transactions" in this prospectus for details on how to access your account through the internet. |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| · | Redemptions by check: |
|--------|-----------------------|

| § | are limited to $100,000; |
|--------|--------------------------|

| § | must be mailed to the address of record that has been on the account for at least 30 days; and |
|--------|------------------------------------------------------------------------------------------------|

| § | must be made payable to the registered shareholder. |
|--------|-----------------------------------------------------|

| · | Redemptions via wire or ACH can only be done to a bank currently on the account. |
|--------|----------------------------------------------------------------------------------|

| · | By Mail. To exchange shares by mail, send the request to one of the addresses below. All registered shareholders must sign the request. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

| · | Mail the request to: |
|--------|----------------------|

| · | Through a Dealer. When you exchange shares through a dealer, you may be charged service fees or commissions for these transactions. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------|

| · | By Telephone. Call 1-800-243-1575 to use the Funds' automated phone system 24 hours a day or speak to an Investor Services Professional, Monday through Friday, from 9 a.m. to 6 p.m. Eastern time. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | By Internet. See "Internet Transactions" in this prospectus for details on how to access your account through the internet. |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| · | Speak directly with an Investor Services Professional during business hours (9 a.m. to 6 p.m. Eastern time). |
|--------|--------------------------------------------------------------------------------------------------------------|

| · | You can use Selected Funds' automated telephone system, 24 hours a day, seven days a week. |
|--------|--------------------------------------------------------------------------------------------|

----

| SELECTED FUNDS                                                                                                                   |                                       |                   |                                       |                             |
|----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|------------------------|--------------------------------------------|----------------------------------|
|                                                                                                                             |                                       |                   |                                       |                             |
| The following financial information represents selected data for each share of capital stock outstanding throughout each period: |                                       |                   |                                       |                             |
|                                                                                                                             |                                       |                   |                                       |                             |
| Income (Loss) from Investment Operations                                                                                         |                                       |                   |                                       |                             |
|                                                                                                                             |  Net Asset Value, Beginning of Period | Net Investment Incomea | Net Realized and Unrealized Gains (Losses) | Total from Investment Operations |   |   |   |   |
| Selected American Shares Class S:                                                                                                |                                       |                   |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $50.29                                     | $0.24                  | $2.54                                      | $2.78                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $41.71                                     | $0.23                  | $13.11                                     | $13.34                           |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $39.47                                     | $0.54                  | $4.55                                      | $5.09                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $41.44                                     | $0.34                  | $(2.14)                                    | $(1.80)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $37.28                                     | $0.30                  | $4.35                                      | $4.65                            |   |   |   |   |
| Selected American Shares Class D:                                                                                                |                                       |                   |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $50.26                                     | $0.39                  | $2.56                                      | $2.95                            |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $41.68                                     | $0.39                  | $13.11                                     | $13.50                           |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $39.44                                     | $0.70                  | $4.54                                      | $5.24                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $41.41                                     | $0.47                  | $(2.14)                                    | $(1.67)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $37.25                                     | $0.43                  | $4.35                                      | $4.78                            |   |   |   |   |
| Selected International Fund Class S:                                                                                             |                                       |                   |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $11.21                                     | $0.03                  | $(0.10)                                    | $(0.07)                          |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $9.24                                      | $0.04                  | $1.97                                      | $2.01                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $7.89                                      | $0.03                  | $1.41                                      | $1.44                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $11.00                                     | $0.03                  | $(2.31)                                    | $(2.28)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $9.78                                      | $0.09                  | $1.25                                      | $1.34                            |   |   |   |   |
| Selected International Fund Class D:                                                                                             |                                       |                   |                                       |                             |   |   |   |   |
| Year ended December 31, 2014                                                                                                     | $11.27                                     | $0.08                  | $(0.11)                                    | $(0.03)                          |   |   |   |   |
| Year ended December 31, 2013                                                                                                     | $9.28                                      | $0.10                  | $1.99                                      | $2.09                            |   |   |   |   |
| Year ended December 31, 2012                                                                                                     | $7.93                                      | $0.09                  | $1.41                                      | $1.50                            |   |   |   |   |
| Year ended December 31, 2011                                                                                                     | $11.02                                     | $0.08                  | $(2.32)                                    | $(2.24)                          |   |   |   |   |
| Year ended December 31, 2010                                                                                                     | $9.79                                      | $0.14                  | $1.25                                      | $1.39                            |   |   |   |   |
| a | Per share calculations were based on average shares outstanding for the period.                                                                                                                                                                                                                       |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b | Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. |
| c | The ratios in this column reflect the impact, if any, of the reduction of expenses paid indirectly and of certain reimbursements from the Adviser.                                                                                                                                                    |

----

| Financial Highlights                                                                         |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |
|----------------------------------------------------------------------------------------------|--------------------------------------|-----------------------------------|-------------------|---------------------|--------------------------------|---------------|-----------------------------------------|---------------------|--------------------|------------------------------------|---------------------|
|                                                                                         |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |
|                                                                                         |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Dividends and Distributions   Ratios to Average Net Assets |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |
|                                                                                         | Dividends from Net Investment Income | Distributions from Realized Gains | Return of Capital | Total Distributions | Net Asset Value, End of Period | Total Returnb | Net Assets, End of Period (in millions) | Gross Expense Ratio | Net Expense Ratioc | Net Investment Income (Loss) Ratio | Portfolio Turnoverd |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.23)                              | $(9.68)                           | $–          | $(9.91)             | $43.16                         | 5.60%         | $1,571                                  | 0.94%               | 0.94%              | 0.47%                              | 26%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.27)                              | $(4.49)                           | $–          | $(4.76)             | $50.29                         | 33.16%        | $2,067                                  | 0.94%               | 0.94%              | 0.49%                              | 12%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.60)                              | $(2.25)                           | $–          | $(2.85)             | $41.71                         | 12.82%        | $1,949                                  | 0.95%               | 0.95%              | 1.28%                              | 7%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.17)                              | $–                          | $–          | $(0.17)             | $39.47                         | (4.35)%       | $2,385                                  | 0.94%               | 0.94%              | 0.81%                              | 11%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.49)                              | $–                          | $–          | $(0.49)             | $41.44                         | 12.53%        | $3,549                                  | 0.93%               | 0.93%              | 0.80%                              | 9%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.40)                              | $(9.68)                           | $–          | $(10.08)            | $43.13                         | 5.96%         | $3,674                                  | 0.60%               | 0.60%              | 0.81%                              | 26%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.43)                              | $(4.49)                           | $–          | $(4.92)             | $50.26                         | 33.62%        | $3,946                                  | 0.61%               | 0.61%              | 0.82%                              | 12%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.75)                              | $(2.25)                           | $–          | $(3.00)             | $41.68                         | 13.19%        | $3,371                                  | 0.61%               | 0.61%              | 1.62%                              | 7%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.30)                              | $–                          | $–          | $(0.30)             | $39.44                         | (4.02)%       | $3,517                                  | 0.61%               | 0.61%              | 1.14%                              | 11%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.62)                              | $–                          | $–          | $(0.62)             | $41.41                         | 12.90%        | $3,934                                  | 0.60%               | 0.60%              | 1.13%                              | 9%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.02)                              | $–                          | $–          | $(0.02)             | $11.12                         | (0.66)%e      | $11                                     | 1.38%               | 1.30%              | 0.23%                              | 49%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.04)                              | $–                          | $–          | $(0.04)             | $11.21                         | 21.78%        | $11                                     | 1.44%               | 1.40%              | 0.39%                              | 16%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.09)                              | $–                          | $–          | $(0.09)             | $9.24                          | 18.29%        | $10                                     | 1.52%               | 1.52%              | 0.39%                              | 6%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.16)                              | $(0.67)                           | $–          | $(0.83)             | $7.89                          | (22.49)%      | $11                                     | 1.32%               | 1.32%              | 0.34%                              | 110%f               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.12)                              | $–                          | $–          | $(0.12)             | $11.00                         | 13.73%e       | $18                                     | 1.23%               | 1.23%              | 0.92%                              | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         |                                 |                              |              |                |                           |          |                                    |                |               |                               |                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.07)                              | $–                          | $–          | $(0.07)             | $11.17                         | (0.26)%e      | $89                                     | 0.83%               | 0.83%              | 0.70%                              | 49%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.10)                              | $–                          | $–          | $(0.10)             | $11.27                         | 22.56%        | $66                                     | 0.83%               | 0.83%              | 0.96%                              | 16%                 |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.15)                              | $–                          | $–          | $(0.15)             | $9.28                          | 18.90%        | $56                                     | 0.88%               | 0.88%              | 1.03%                              | 6%                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.18)                              | $(0.67)                           | $–          | $(0.85)             | $7.93                          | (22.05)%      | $51                                     | 0.81%               | 0.81%              | 0.85%                              | 110%f               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                         | $(0.16)                              | $–                          | $–          | $(0.16)             | $11.02                         | 14.30%e       | $73                                     | 0.76%               | 0.76%              | 1.39%                              | 28%                 |   |   |   |   |   |   |   |   |   |   |   |   |
| d | The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.                                                                                                                      |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| e | Selected International Fund's performance benefited from IPO purchases in 2010 and 2014, adding approximately 2% to the Fund's total return in each year. After purchase, the IPOs rapidly increased in value. The Adviser purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences. Such performance may not continue in the future. |
| f | As a result of the change in investment strategy on May 1, 2011, from investing primarily in domestic equity securities to investing primarily in foreign equity securities, portfolio turnover was unusually high.                                                                                                                                                                                                             |

----

----

----

|  OBTAINING ADDITIONAL INFORMATION |
|----------------------------------------|
|  HOW TO GET MORE INFORMATION |
|-----------------------------------|

----

|                        | Class S | Class D |
|-----------------------------|---------|---------|
| Selected American Shares    | SLASX   | SLADX   |
| Selected International Fund | SLSSX   | SLSDX   |

----

----

| · | sell futures contracts; |
|--------|-------------------------|

| · | buy puts on such futures or on securities; or |
|--------|-----------------------------------------------|

| · | write covered calls on securities or futures. |
|--------|-----------------------------------------------|

| · | buy futures; |
|--------|--------------|

| · | buy calls on such futures or on securities; or |
|--------|------------------------------------------------|

| · | sell puts on such futures or on securities. |
|--------|---------------------------------------------|

|                                               | Fiscal year ended December 31, |
|----------------------------------------------------|--------------------------------|
|                                               | 2014                           | 2013 | 2012 |
| Selected American Shares                           |                           |   |   |
| Brokerage commissions paid:                        | $1,996,919                     | $1,003,453 | $1,251,951 |
| Amount paid to brokers providing research:         | None                           | none | none |
| Amount paid to broker providing services to funds: | None                           | none | none |
|                                               |                           |   |   |
| Selected International Fund                        |                           |   |   |
| Brokerage commissions paid:                        | $119,984                       | $24,762 | $13,832 |
| Amount paid to brokers providing research:         | None                           | none | none |
| Amount paid to broker providing services to funds: | None                           | none | none |
| Fund                        | Broker-Dealer            | Value        |
|-----------------------------|--------------------------|--------------|
| Selected American Shares    | Charles Schwab Corp.     | $72,576,760  |
|                        | JPMorgan Chase & Co. | $108,999,967 |
|                        | Wells Fargo & Co.    | $359,157,561 |
|                        |                     |         |
| Selected International Fund | None                     |         |

| (1) | Diversification. The Fund may not make any investment that is inconsistent with its classification as a diversified investment company under the 1940 Act. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Concentration. The Fund may not concentrate its investments in the securities of issuers primarily engaged in any particular industry. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Issuing Senior Securities. The Fund may not issue senior securities, except as permitted under applicable law, including the 1940 Act and published SEC staff positions. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Borrowing. The Fund may not borrow money, except to the extent permitted by applicable law, including the 1940 Act and published SEC staff positions. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Underwriting. The Fund may not underwrite securities of other issuers except to the extent permitted by applicable law, including the 1940 Act and published SEC staff positions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Investments in Commodities and Real Estate. The Fund may not purchase or sell commodities or real estate, except to the extent permitted by applicable law, including the 1940 Act and published SEC staff positions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Making Loans. The Fund may not make loans to other persons, except as allowed by applicable law, including the 1940 Act and published SEC staff positions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Investment Objectives. Selected American Shares' investment objective is to achieve both capital growth and income. Selected International Fund' investment objective is capital growth. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Illiquid Securities. The Fund will not purchase or hold illiquid securities if more than 15% of the value of the Fund's net assets would be invested in such securities. If illiquid securities exceeded 15% of the value of the Fund's net assets, the Adviser would attempt to reduce the Fund's investment in illiquid securities in an orderly fashion. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | High-Yield, High-Risk Securities. The Fund will not purchase debt securities rated BB or Ba or lower (sometimes referred to as "Junk Bonds") if the securities are in default at the time of purchase or if such purchase would then cause more than 20% of the Fund's net assets to be invested in such lower-rated securities. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Options. The Fund will not purchase an option if the purchase would cause the total premiums (at market) of all options then owned to exceed 5% of the Fund's total assets. The Fund will not sell covered calls if the transaction would cause the total premiums (at market) of all covered calls then written to exceed 25% of the Fund's total assets. For additional information concerning option strategies and their risks, see the section entitled "Derivatives." |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Futures Contracts. The Fund will not engage in a futures transaction if the transaction would cause the nominal value of futures contracts then purchased or sold to exceed 25% of the Fund's total assets. For additional information concerning futures contracts and their risks, see the section entitled "Derivatives." |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Short Selling. The Fund will not sell any security short if it would cause more than 5% of its total assets, taken at market value, to be sold short. This limitation does not apply to selling short against the box. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Investing For Control. The Fund does not invest for the purpose of exercising control or management of other companies. |
|----|-------------------------------------------------------------------------------------------------------------------------|

| 7. | Mortgage Pledge, Lend, or Hypothecate Assets. The Fund will not mortgage, pledge, or hypothecate more than 33 1/3% of its total assets, taken at market value in securities lending or other activities. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Name Policy (Selected American Shares). Under normal circumstances Selected American Shares will invest at least 80% of net assets, plus any borrowing for investment purposes, in securities issued by American companies (including both North and South America). Selected American Shares will comply with the Name Policy as of the time an investment is made. If at some point the Fund no longer meets the 80% test (e.g. due to market value changes), it would not be required to sell assets, although any future investments would need to be made in a manner that tends to bring the Fund back into compliance. In addition, because the 80% test applies under "normal circumstances," the Fund could depart from the 80% requirement to take temporary defensive positions or due to other unusual events (e.g. large in-flows or redemptions). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name(birthdate)                    | Position(s) Held With Fund | Term of Office and Length of Time Served | Principal Occupation(s) During the Past Five Years                                                                                                                                                                                                                                                                                                                        | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director                                                                                                                                                                                                                                                                                                     |
|------------------------------------|----------------------------|------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Independent Directors              |
| William P. Barr(05/23/50)          | Director                   | Director since 1994                      | Retired; Of Counsel to Kirkland & Ellis LLP (law firm) until July 2009; Executive Vice President and General Counsel, Verizon (telecommunications company) from 1994 through 2008.                                                                                                                                                                                    | 3                                                         | Director, Time Warner, Inc. (media and entertainment company); Director, Dominion Resources (energy company); Trustee, Clipper Funds Trust (consisting of one portfolio).                                                                                                                                                                |
| Francisco L. Borges(11/17/51)      | Director                   | Director since 2006                      | Chairman and Managing Partner, Landmark Partners, LLC (private equity firm) since March 1999.                                                                                                                                                                                                                                                                             | 3                                                         | Trustee, John S. and James L. Knight Foundation; Trustee, Connecticut Public Broadcasting Network; Director, University of Connecticut Health Center; Director, Assured Guaranty Ltd.; Director, Leucadia National Corporation (holding company); Trustee, Millbrook School; Trustee, Clipper Funds Trust (consisting of one portfolio). |
| Lawrence E. Harris(09/16/56)       | Director                   | Director since 2015                      | Fred V. Keenan Chair in Finance of the Marshall School of Business, University of Southern California, Los Angeles, CA.                                                                                                                                                                                                                                                   | 3                                                         | Director, Interactive Brokers Group, Inc.; Trustee, Clipper Funds Trust (consisting of one portfolio).                                                                                                                                                                                                                                   |
| Steven N. Kearsley(09/29/41)       | Director                   | Director since 2015                      | Private Investor, Real Estate Development; Owner, Old Peak Tree Farm.                                                                                                                                                                                                                                                                                                     | 3                                                         | Trustee, Clipper Funds Trust (consisting of one portfolio).                                                                                                                                                                                                                                                                              |
| Katherine L. MacWilliams(01/19/56) | Director                   | Director since 1997                      | Retired; Chief Financial Officer, Caridian BCT, Inc. (medical device company) 2008-2012.                                                                                                                                                                                                                                                                                  | 3                                                         | Trustee, Clipper Funds Trust (consisting of one portfolio).                                                                                                                                                                                                                                                                              |
| James J. McMonagle(10/01/44)       | Director/ Chairman         | Director since 1990                      | Chairman, Selected Funds Board of Directors since 1997 and Clipper Funds Trust since 2015; of Counsel to Vorys, Sater, Seymour and Pease LLP (law firm) since 2002.                                                                                                                                                                                                       | 3                                                         | Director, Owens Corning (producer of residential and commercial building materials); Chairman and Trustee, Clipper Funds Trust (consisting of one portfolio).                                                                                                                                                                            |
| Richard O'Brien(09/12/45)          | Director                   | Director since 1996                      | Retired; Corporate Economist, Hewlett-Packard Co.                                                                                                                                                                                                                                                                                                                         | 3                                                         | Trustee, Clipper Funds Trust (consisting of one portfolio).                                                                                                                                                                                                                                                                              |
| Interested Directors*              |
| Andrew A. Davis(06/25/63)          | Director                   | Director since 1998                      | President or Vice President of each Selected Fund and Davis Fund; President, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser.                                                                                                                                                                     | 16                                                        | Director, Davis Funds (consisting of 13 portfolios); Trustee, Clipper Funds Trust (consisting of one portfolio).                                                                                                                                                                                                                         |
| Christopher C. Davis(07/13/65)     | Director                   | Director since 1998                      | President or Vice President of each Selected Fund, Davis Fund, and Clipper Fund; Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliated with the Adviser, including sole member of the Adviser's general partner, Davis Investments, LLC; Employee of Shelby Cullom Davis & Co. (registered broker/dealer). | 16                                                        | Director, Davis Funds (consisting of 13 portfolios); Trustee, Clipper Funds Trust (consisting of one portfolio); Director, Graham Holdings Co. (publishing company).                                                                                                                                                                     |

| * | Andrew A. Davis and Christopher C. Davis own partnership units (directly, indirectly, or both) of the Adviser and are considered to be "interested persons" of the Funds as defined in the Investment Company Act of 1940. Andrew A. Davis and Christopher C. Davis are brothers. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                  | Selected American Shares | Selected International Fund | Aggregate Fund Compensation(1) | Total ComplexCompensation(2) |
|-----------------------|--------------------------|-----------------------------|--------------------------------|------------------------------|
| William Barr          | $88,030                  | $1,220                      | $89,250                        | $89,250                      |
| Francisco Borges      | $80,326                  | $1,114                      | $81,441                        | $81,441                      |
| Lawrence Harris(3)    | $0                       | $0                          | $0                             | $0                           |
| Steven Kearsley(3)    | $0                       | $0                          | $0                             | $0                           |
| Katherine MacWilliams | $104,798                 | $1,452                      | $106,250                       | $106,250                     |
| James McMonagle       | $167,676                 | $2,324                      | $170,000                       | $170,000                     |
| Richard O'Brien       | $88,030                  | $1,220                      | $89,250                        | $89,250                      |

| (1) | "Aggregate Fund Compensation" is the aggregate compensation paid for service as a director by each of the Selected Funds, i.e., Selected American Shares and Selected International Fund. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | "Total complex compensation" is the aggregate compensation paid for service as a director by all mutual funds with the same investment adviser. There are seven registered investment companies in the complex. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Mr. Harris and Mr. Kearsley were first elected as Directors of Selected Funds on January 1, 2015.  In 2014 they served as Independent Directors of Clipper Fund, Inc. and Clipper Funds Trust ("Clipper Fund").  Clipper Fund is managed by Davis Advisors and thus is a member of the Fund Complex.  Clipper Fund and Selected Funds commenced joint operations in January 2015. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                     | Selected American Shares | Selected International Fund | Total Invested in All Funds(2) |
|--------------------------|--------------------------|-----------------------------|--------------------------------|
| Independent Directors    |
| William P. Barr          | over $100,000            | None                        | over $100,000                  |
| Francisco L. Borges      | over $100,000            | over $100,000               | over $100,000                  |
| Lawrence E. Harris       | None                     | None                        | over $100,000                  |
| Steven N. Kearsley       | None                     | None                        | over $100,000                  |
| Katherine L. MacWilliams | over $100,000            | over $100,000               | over $100,000                  |
| James J. McMonagle       | over $100,000            | over $100,000               | over $100,000                  |
| Richard O'Brien          | over $100,000            | $50,001-$100,000            | over $100,000                  |
| Inside Directors(1)      |
| Andrew A. Davis          | over $100,000            | $1-$10,000                  | over $100,000                  |
| Christopher C. Davis     | over $100,000            | over $100,000               | over $100,000                  |

| (1) | Andrew Davis and Christopher Davis are employed by and own shares in the Adviser and are considered to be "interested persons" of the Funds as defined in the Investment Company Act of 1940. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Total Invested in All Funds is the aggregate dollar range of investments in all Funds overseen by the individual Trustee and managed by Davis Selected Advisers, L.P. This includes the Clipper Fund and Selected Funds for all Trustees and also the Davis Funds for Andrew Davis and Christopher Davis. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                        | Class S | Class D |
|-----------------------------|---------|---------|
| Selected American Shares    | *       | 1%      |
| Selected International Fund | *       | 3%      |

| * | Indicates that officers and directors as a group owned less than 1% of the outstanding shares of the indicated Funds. |
|---|-----------------------------------------------------------------------------------------------------------------------|

| Name of Fund                              | Name and Address of Shareholders                    | Percent of Shares Outstanding |
|-------------------------------------------|-----------------------------------------------------|-------------------------------|
| Selected American SharesClass S Shares    | Charles Schwab & Co. Inc.San Francisco, CA      | 32.73%                        |
|                                      |
|                                      | FBSICO - National Financial ServicesJersey City, NJ | 27.76%                        |
|                                      |
|                                      | Pershing LLCJersey City, NJ                         | 6.42%                         |
|                                      |
|                                      | TD Ameritrade Inc.Omaha, NE                         | 6.34%                         |
|                                      |
| Selected American SharesClass D Shares    | Shelby Cullom Davis Charitable FundFairfield, CT    | 29.56%                        |
|                                      |
|                                      | Diana Davis Spencer FoundationBethesda, NY          | 18.98%                        |
|                                      |
|                                      | Charles Schwab & Co. Inc.San Francisco, CA      | 9.36%                         |
|                                      |
|                                      | FBSICO - National Financial ServicesJersey City, NJ | 6.25%                         |
|                                      |
| Selected International FundClass S Shares | Charles Schwab & Co. Inc.San Francisco, CA      | 10.22%                        |
|                                      |
|                                      | FBSICO - National Financial ServicesNew York, NY    | 8.95%                         |
|                                      |
|                                      | TD Ameritrade Inc.Omaha, NE                         | 6.41%                         |
|                                      |
|                                      | First Clearing LLCSaint Louis, MO                   | 5.31%                         |
|                                      |
| Selected International FundClass D Shares | Shelby Cullom Davis Charitable FundFairfield, CT    | 29.71%                        |
|                                      |
|                                      | Davis Selected Advisers, L.P.Tucson, AZ             | 18.00%                        |
| NET ASSETS   | VALUE OF AVERAGE DAILY       |
|--------------|------------------------------|
| MONTHLY RATE | OF THE FUND DURING THE MONTH |
| 0.55% of     | First $3 billion             |
| 0.54% of     | Next $1 billion              |
| 0.53% of     | Next $1 billion              |
| 0.52% of     | Next $1 billion              |
| 0.51% of     | Next $1 billion              |
| 0.50% of     | Next $3 billion              |
| 0.485% of    | Over $10 billion             |
|                        | Fiscal year ended December 31, |
|-----------------------------|--------------------------------|
|                        | 2014                           | 2013 | 2012 |
| Selected American Shares    | $30,849,636                    | $30,909,897 | $31,529,412 |
| Selected International Fund | $463,041                       | $386,930 | $351,993 |
|                                   | Fiscal year ended December 31, |
|----------------------------------------|--------------------------------|
|                                   | 2014                           | 2013 | 2012 |
| Selected American Shares               |                           |   |   |
| Accounting and Administrative Services | $227,629                       | $225,030 | $192,914 |
| Selected International Fund            |                           |   |   |
| Accounting and Administrative Services | $16,638                        | $15,987 | $13,426 |
| Portfolio Managers | Dollar Range of Fund Shares Owned(1) | Number of RICs(3) | Assets(2) in RICs | Number of OPIV(4) | Assets(2) in OPIV(4) | Number of OA(5) | Assets in OA(5) |
|--------------------|--------------------------------------|-------------------|-------------------|-------------------|---------------------------|-----------------|-----------------|
| C. Davis           | Over $1 Million                      | 12                | 12.8 Billion      | 10                | 591.6 Million             | 59              | 3.4 Billion     |
| D. Goei            | $100k-$500k                          | 9                 | 10.9 Billion      | 10                | 425.9 Million             | 54              | 2.7 Billion     |
| Portfolio Managers | Dollar Range of Fund Shares Owned(1) | Number of RICs(3) | Assets(2) in RICs | Number of OPIV(4) | Assets(2) in OPIV(4) | Number of OA(5) | Assets in OA(5) |
|--------------------|--------------------------------------|-------------------|-------------------|-------------------|---------------------------|-----------------|-----------------|
| C. Davis           | Over $1 Million                      | 12                | 15.3 Billion      | 10                | 591.6 Million             | 59              | 3.4 Billion     |
| D. Goei            | $50k-$100k                           | 9                 | 13.4 Billion      | 10                | 425.9 Million             | 54              | 2.7 Billion     |
| T. Pouschine  | $50k-$100k                           | 3                 | 225.9 Million     | 6                 | 146.2 Million             | 27              | 141.5 Million   |

| (1) | Ownership disclosure is made using the following ranges: None; $1 - $10,000; $10,001 - $50,000; $50,001 - $100,000; $100,001 - $500,000; $500,001 -$1 million; over $1 million |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | "Assets" means total assets managed by the portfolio manager. Some or all of these assets may be co-managed with another portfolio manager who will also be credited with managing the same assets. The sum of assets managed by Davis Advisors' portfolio managers may exceed the total assets managed by Davis Advisors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | "RIC" means Registered Investment Company. |
|-----|--------------------------------------------|

| (4) | "OPIV" means Other Pooled Investment Vehicles. |
|-----|------------------------------------------------|

| (5) | "OA" means Other Accounts. These accounts are primarily private accounts and sponsors of managed money/wrap accounts. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

|                        | Fiscal year ended December 31, |
|-----------------------------|--------------------------------|
|                        | 2014                           | 2013 | 2012 |
| Selected American Shares    | $4,628,385                     | $5,058,903 | $5,610,269 |
| Selected International Fund | $28,033                        | $26,048 | $25,945 |

| (A) | The Distributor has entered into agreements with broker-dealers to receive on its behalf purchase and redemptions orders; |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (B) | Such broker-dealers are authorized to designate other intermediaries to receive purchase and redemption orders on behalf of the Distributor; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | The Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, its broker's authorized designee, receives the order; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | A Client order will be priced at the Fund's net asset value next computed after they are received by an authorized broker-dealer or the broker-dealer's authorized designee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | The securities offered by the investor in exchange for shares of a Fund must not be in any way restricted as to resale or otherwise be illiquid; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The securities must have a value that is readily ascertainable (and not established only by evaluation procedures) as evidenced by a listing on the NYSE, AMEX or NASDAQ or other appropriate method; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The transaction involves a net purchase of $1 million or more in Fund shares. |
|-----|-------------------------------------------------------------------------------|

| (1) | shares redeemed under automatic withdrawal plans; |
|-----|---------------------------------------------------|

| (2) | shares redeemed due to death or disability of the shareholder; or |
|-----|-------------------------------------------------------------------|

| (3) | shares redeemed from accounts for which the dealer, broker or financial institution of record has entered into an agreement with the Distributor for this purpose. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Where: | P   | = | hypothetical initial payment of $1,000                                                                                                     |
|--------|-----|---|--------------------------------------------------------------------------------------------------------------------------------------------|
|   | T   | = | average annual total return                                                                                                                |
|   | n   | = | number of years                                                                                                                            |
|   | ERV | = | ending redeemable value at the end of the 1-, 5- and 10-year periods of a hypothetical $1,000 payment made at the beginning of such period |
| Where: | P    | = | hypothetical initial payment of $1,000                                                                                                                                                                                   |
|--------|------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | T    | = | average annual total return (after taxes on distributions)                                                                                                                                                               |
|   | n    | = | number of years                                                                                                                                                                                                          |
|   | ATVD | = | ending redeemable value, after taxes on fund distributions but not after taxes on sale of fund shares, at the end of the 1, 5, and 10 year periods of a hypothetical $1,000 payment made at the beginning of such period |
| Where: | P     | = | hypothetical initial payment of $1,000                                                                                                                                             |
|--------|-------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | T     | = | average annual total return (after taxes on distributions and sale of Fund shares)                                                                                                 |
|   | n     | = | number of years                                                                                                                                                                    |
|   | ATVDR | = | ending redeemable value, after taxes on fund distributions and sale of fund shares, at the end of the period of a hypothetical $1,000 payment made at the beginning of such period |
| Where: | a | = | dividends and interest earned during the period.                                                          |
|--------|---|---|-----------------------------------------------------------------------------------------------------------|
|   | b | = | expenses accrued for the period.                                                                          |
|   | c | = | the average daily number of shares outstanding during the period that were entitled to receive dividends. |
|   | d | = | the maximum offering price per share on the last day of the period.                                       |

----

----

| (1) | Votes consistent with the "General Proxy Voting Policies," are presumed to be consistent with the best interests of clients; |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| (2) | The Adviser may disclose the conflict to the client and obtain the client's consent prior to voting the proxy; |
|-----|----------------------------------------------------------------------------------------------------------------|

| (3) | The Adviser may obtain guidance from an independent third party; |
|-----|------------------------------------------------------------------|

| (4) | The potential conflict may be immaterial; or |
|-----|----------------------------------------------|

| (5) | Other reasonable means of resolving potential conflicts of interest which effectively insulate the decision on how to vote client proxies from the conflict. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Item 28. | Exhibits:                                                                                                                                                                                                                                                                                                                                |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a)(1)   | Articles of Incorporation (SAS), dated February 2, 1976. Incorporated by reference to Exhibit 23(a)(1) of Registrant's registration statements 2-10699, filed on Edgar February 26, 2001.                                                                                                                                                |
| (a)(2)   | Articles of Incorporation (SIF), dated February 2, 1976. Incorporated by reference to Exhibit 23(a)(2) of Registrant's registration statements 2-27514, filed on Edgar February 26, 2001.                                                                                                                                           |
| (a)(3)   | Articles Supplementary to Articles of Incorporation (SAS), increasing shares, dated July 6, 1998. Incorporated by reference to Exhibit 23(a)(4) of Registrant's registration statements 2-10699, filed on Edgar February 26, 2001.                                                                                                       |
| (a)(4)   | Articles of Amendment of Articles of Incorporation (SAS), redeeming small accounts, dated April 12, 1990. Incorporated by reference to Exhibit 23(a)(5) of Registrant's registration statements 2-10699, filed on Edgar February 26, 2001.                                                                                               |
| (a)(5)   | Articles of Amendment of Articles of Incorporation (SAS), increasing shares, setting shareholder rights and responsibilities and calculating Net Asset Value, dated April 15, 1987. Incorporated by reference to Exhibit 23(a)(6) of Registrant's registration statements 2-10699, filed on Edgar February 26, 2001.                     |
| (a)(6)   | Articles of Amendment of Articles of Incorporation (SIF), redeeming small accounts, dated April 12, 1990. Incorporated by reference to Exhibit 23(a)(7) of Registrant's registration statements 2-27514, filed on Edgar February 26, 2001.                                                                                               |
| (a)(7)   | Articles of Amendment of Articles of Incorporation (SIF), increasing shares, setting shareholder rights and responsibilities and calculating Net Asset Value, dated April 15, 1987. Incorporated by reference to Exhibit 23(a)(8) of Registrant's registration statements 2-27514, filed on Edgar February 26, 2001.                     |
| (a)(8)   | Articles of Amendment of Articles of Incorporation (SAS); designating Class D shares. Incorporated by reference to Exhibit 23(a)(9) of Registrant's registration statements 2-10699, filed on Edgar May 3, 2004.                                                                                                                         |
| (a)(9)   | Articles of Amendment of Articles of Incorporation (SIF); designating Class D shares. Incorporated by reference to Exhibit 23(a)(10) of Registrant's registration statements 2-27514, filed on Edgar May 3, 2004.                                                                                                                        |
| (a)(10)  | Articles of Amendment of Articles of Incorporation (SAS); increasing authorized shares. Incorporated by reference to Exhibit 23(a)(12) of Registrant's registration statements 2-27514, filed on Edgar April 26, 2007.                                                                                                                   |
| (a)(11)  | Articles of Amendment of Articles of Incorporation (SIF); Changing name of corporation from "Selected Special Shares" to "Selected International Fund". Incorporated by reference to Exhibit 23(a)(13) of Registrant's registration statements 2-27514, filed on Edgar April 29, 2011                                                    |
| (c)      | Instruments Defining Rights of Security Holders. Not applicable.                                                                                                                                                                                                                                                                         |
| (d)(1)   | Investment Advisory Contracts (SAS). Management Agreement with Davis Selected Advisers, L.P. dated January 1, 2001. Incorporated by reference to Exhibit 23(d)(1) of Registrant's registration statements 2-10699, filed on Edgar February 26, 2001.                                                                                     |
| (d)(2)   | Sub-Advisory Agreements (SAS). Sub-Advisory Agreements with Davis Selected Advisers – NY, Inc. dated January 1, 2001. Incorporated by reference to Exhibit 23(d)(2) of Registrant's registration statements 2-10699, filed on Edgar February 26, 2001.                                                                             |
| (d)(3)   | Investment Advisory Contracts (SIF). Management Agreement with Davis Selected Advisors, L.P. dated January 1, 2001. Name change to Selected International Fund, Inc., May 1, 2011. Incorporated by reference to Exhibit 23(d)(3) of Registrant's registration statements 2-10699, filed on Edgar April 27, 2012.                         |
| (d)(4)   | Sub-Advisory Agreements (SIF). Sub-Advisory Agreement with Davis Selected Advisers-NY, dated January 1, 2001. Name change to Selected International Fund, Inc., May 1, 2011. Incorporated by reference to Exhibit 23(d)(4) of Registrant's registration statements 2-10699, filed on Edgar April 27, 2012.                               |
| (d)(5)   | Amendment to Investment Advisory Contracts (SAS).Amendment to Management Agreement dated May 1, 2004. Incorporated by reference to Exhibit 22(d)(7) of Registrant's registration statements 2-10699, filed on Edgar February 24, 2005.                                                                                              |
| (d)(6)   | Amendment to Investment Advisory Contracts (SAS) Amendment to Investment Advisory Agreement dated July 1, 2009 reducing advisory fees. Incorporated by reference to Exhibit 22(d)(8) of Registrant's registration statements 2-10699, filed on Edgar April 29, 2010.                                                                |
| (d)(7)   | Amendment to Investment Advisory Contracts (SIF) Amendment to Investment Advisory Agreement dated July 1, 2009 reducing advisory fees. Name change to Selected International Fund, Inc., May 1, 2011. Incorporated by reference to Exhibit 23(d)(9) of Registrant's registration statements 2-10699, filed on Edgar April 27, 2012. |
| (e)(1)   | Underwriting Contracts (SAS). Distribution Services Agreement and Plan of Distribution dated January 1, 2001. Incorporated by reference to Exhibit 23(e)(1) of Registrant's registration statements 2-10699, filed on Edgar April 25, 2001.                                                                                              |
| (e)(2)   | Underwriting Contracts (SIF). Distribution Services Agreement and Plan of Distribution dated January 1, 2001. Incorporated by reference to Exhibit 23(e)(2) of Registrant's registration statements 2-27514, filed on Edgar April 25, 2001.                                                                                              |
| (e)(3)   | Form of Dealer Agreement (SAS and SIF) between principal underwriter and distributing broker-dealers. Incorporated by reference to Exhibit 23(e)(4) of Registrants' registration statements (SAS: 2-10699 and SIF: 2-27514), filed on Edgar February 26, 2001.                                                                           |
| (f)      | Bonus or Profit Sharing Contracts. Not applicable.                                                                                                                                                                                                                                                                                       |
| (g)      | Custodian Agreement. Agreement with State Street Bank & Trust dated January 1, 2006. Incorporated by reference to Exhibit 23(g) of Registrants' registration statements (SAS: 2-10699 and SIF: 2-27514), filed on Edgar April 27, 2006.                                                                                              |
| (h)(1)   | Other Material Contracts (SAS, SIF). Transfer Agent Agreement with Boston Financial Data Services dated January 1, 2006. Incorporated by reference to Exhibit 23(h)(1) of Registrants' registration statements (SAS: 2-10699 and SIF: 2-27514), filed on Edgar April 27, 2006.                                                           |
| (i)*     | Legal Opinion. Opinion and Consent of Counsel, Greenberg Traurig LLP.                                                                                                                                                                                                                                                                    |
| (j)*     | Other Opinions. Consent of Current Auditors. KPMG LLP.                                                                                                                                                                                                                                                                                   |
| (k)      | Omitted Financial Statements. Incorporated from the Annual Report.                                                                                                                                                                                                                                                                       |
| (l)      | Initial Capital Agreements. Not applicable.                                                                                                                                                                                                                                                                                              |
| (m)(1)   | Rule 12b-1 Plan (SAS). Distribution Services Agreement and Plan of Distribution dated January 1, 2001. Incorporated by reference to Exhibit 23(m)(1) of Registrant's registration statements 2-10699, filed on Edgar April 25, 2001.                                                                                                     |
| (m)(2)   | Rule 12b-1 Plan (SIF). Distribution Services Agreement and Plan of Distribution dated January 1, 2001. Name change to Selected International Fund, Inc., May 1, 2011. Incorporated by reference to Exhibit 23(m)(2) of Registrant's registration statements 2-10699, filed on Edgar April 27, 2012.                                      |
| (n)      | Rule 18f-3 Plan Amended (SAS, SIF). Plan pursuant to Rule 18f-3, adopted January 30, 2004 and amended July 30, 2004 to designate Class S and Class D shares. Incorporated by reference to Exhibit 22(n) of Registrant's registration statements (SAS: 2-10699 and SIF: 2-27514), filed on Edgar February 24, 2005.                       |
| (o)      | Reserved.                                                                                                                                                                                                                                                                                                                                |
| (p)(1)   | Codes of Ethics (SAS, SIF) Adviser, and Principal Underwriter). Code of Ethics as amended August 1, 2009. Incorporated by reference to Exhibit 23(p)(1) of Registrants' registration statements (SAS: 2-10699 and SIF: 2-27514), filed on Edgar March 2, 2010.                                                                           |
| (q)(1)   | Other Exhibits (SAS, SIF).  Powers of Attorney of the Registrants Officers and Board of Directors dated January 23, 2015 as filed herein.                                                                                                                                                                                           |
|     | * filed herein                                                                                                                                                                                                                                                                                                                           |
| Name and Principal Business Address                             | Positions and Offices with Underwriter            | Positions and Offices with Registrant                    |
|-----------------------------------------------------------------|---------------------------------------------------|----------------------------------------------------------|
| Kenneth C. Eich2949 East Elvira Road, Suite 101Tucson, AZ 85756 | President                                         | Executive Vice President and Principal Executive Officer |
|                                                            |                                              |                                                     |
| Russell Wiese609 Fifth Avenue,New York, NY 10017                | Chief Marketing Officer                           | None                                                     |
|                                                            |                                              |                                                     |
| Gary P. Tyc2949 East Elvira Road, Suite 101Tucson, AZ 85756     | Vice President, Treasurer and Assistant Secretary | None                                                     |
|                                                            |                                              |                                                     |
| Anthony Frazia609 Fifth Avenue,New York, NY 10017               | Chief Compliance Officer                          | None                                                     |
|                                                            |                                              |                                                     |
| Ryan Charles2949 East Elvira Road, Suite 101Tucson, AZ 85756    | Vice President and Secretary                      | Vice President and Secretary                             |
|                                                            |                                              |                                                     |
| Signature       | Title                                                         | Date           |
|-----------------|---------------------------------------------------------------|----------------|
|            |                                                          |           |
| Kenneth Eich*   | Principal Executive Officer                                   | April 28, 2015 |
| Kenneth Eich    |                                                          |           |
|            |                                                          |           |
| Douglas Haines* | Principal Financial Officer; and Principal Accounting Officer | April 28, 2015 |
| Douglas Haines  |                                                          |           |
| Signature                                               | Title    |
|---------------------------------------------------------|----------|
| William P. Barr*William P. Barr                    | Director |
| Francisco L. Borges*Francisco L. Borges            | Director |
| Lawrence E. Harris*Lawrence E. Harris              | Director |
| Steven N. Kearsley*Steven N. Kearsley              | Director |
| Katherine L. MacWilliams*Katherine L. MacWilliams  | Director |
| James J. McMonagle*James J. McMonagle              | Director |
| Richard O'Brien*Richard O'Brien                    | Director |
| Andrew A. Davis*Andrew A. Davis                    | Director |
| Christopher C. Davis*Christopher C. Davis          | Director |
| 28(i)    | Legal Opinion. Opinion and Consent of Counsel, (Greenberg Traurig LLP) |
|----------|------------------------------------------------------------------------|
| 28(j)    | Other Opinions. Consent of Auditors, KPMG LLP                          |
| 28(q)(1) | Powers of Attorney of the Registrants Officers and Board of Directors  |